Panama Clinches Road Securitization Sequel

Panama Clinches Road Securitization Sequel

Panama Bonds

Panama’s Empresa Nacional de Autopista (ENA) returned to the dollar markets to raise a $600m though a toll road securitization. In a follow-up to a similar sale involving a different asset last year, the government-owned entity got about $1.5bn in demand for the 28-year bond with a 6.86-year average life. “ENA came at a substantial premium to the sovereign. This is a big pickup for something that is pretty conservative in structure,” says a New York-based EM investor, who spots Panama’s 2020 bon

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